Minera IRL Announces 2022 Gold Shipment Results

Rhea-AI Summary

Minera IRL Limited (OTCQB: MRLLF) announced that its Corihuarmi Gold Mine shipped 20,963 ounces of gold in 2022, surpassing the revised guidance of 20,000 ounces by 5%. A total of 4,558,587 tonnes of mineralized material were mined, averaging 0.21 grams per tonne, containing 31,249 ounces of gold. In Q4 2022, shipments increased to 5,441 ounces, a 5% rise from Q3. The company is led by an experienced team focused on gold mining in Peru and is exploring financing for its Ollachea Gold Project.

Positive

• Exceeding gold shipment guidance by 5% for 2022.
• Quarter-on-quarter increase in gold shipments.

Negative

• Potential risks from political protests and nationwide state of emergency in Peru.

LIMA, Peru, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Minera IRL Limited (“Minera”, the “Company” or “we”) (BVL:MIRL) (CSE:MIRL) (FWB:DZX) (OTCQB:MRLLF) is pleased to announce that the Corihuarmi Gold Mine (“Corihuarmi”) has shipped a total of 20,963 ounces of gold during 2022, exceeding the revised guidance of 20,000 ounces by 5%.

Mineralized material mined and placed on the leach pads between January and December 2022 totaled 4,558,587 tonnes at an average grade of 0.21 grams per tonne and containing 31,249 ounces of gold.

A total of 5,441 ounces of gold have been shipped in the fourth quarter of 2022, increasing by 5% from the 5,206 ounces reported in the third quarter of 2022. From a yearly perspective, gold shipments have gradually increased quarter-on-quarter as compared to the ounces reported in the first and second quarter of 2022, by 7% and 4%, respectively.

Qualified Person

Martin Mount, Independent Director of Minera, is a Fellow of the Geological Society of London (& Registered CGeol), a Fellow of the Institute of Materials, Metals & Mining (& Registered CEng), and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Mount has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Minera IRL Limited

Minera IRL Limited is the CSE, BVL, FWB and OTCQB listed holding company of Minera IRL S.A. and Compañía Minera Kuri Kullu S.A., two precious metal mining companies engaged in mining exploration, development, and operations in Peru, with a primary focus on gold. Minera is led by an agile and experienced senior management team with extensive mining industry experience, particularly in South America. Minera operates the Corihuarmi Gold Mine located 5,000 meters above sea level in Central Peru, while assessing financing opportunities to advance its Ollachea Gold Project located in the Department of Puno, Southern Peru. For more information, please visit www.minera-irl.com.

On behalf of the Board of Directors of Minera IRL Limited

Gerardo Perez
Executive Chairman

Diego Benavides
CEO and Director

FOR FURTHER INFORMATION, PLEASE CONTACT:

Minera IRL Limited

Susan Gabbie
Manager, Communications
+51 1 418 - 1230

Pedro Valdez
Head of Investor Relations
+51 1 418 – 1230

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.

Cautionary Statement on Forward-Looking Information

Certain information in this press release constitutes “forward-looking statements.” Forward looking statements are based on assumptions. While management believes these assumptions and statements are reasonable in context, forward-looking statements are inherently subject to political, legal, regulatory, business, environmental and economic risks and competitive uncertainties and contingencies. The Company cautions readers that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Minera IRL’s actual results and future performance to be materially different than those expected or estimated future results, performance or achievements and that forward-looking statements are not guarantees of future performance, results, or achievements.

Minera IRL assumes no obligation, except as may be required by law, to update or revise them to reflect new events or circumstances. Risks, uncertainties and contingencies and other factors that might cause actual performance to differ from forward-looking statements include, but are not limited to, Peru’s ability to continue to contain the COVID-19 crisis, the current political protests throughout Peru and the resulting nationwide state of emergency that have and may continue to adversely affect supply routes within the country, changes in and access to the capital or precious metals markets, weather, labor unrest, the uncertainties inherent in mineral exploration and changes to legislative, political, social, health or economic developments both within Peru and in general.

FAQ

What were the gold shipment totals for Minera IRL in 2022?

Minera IRL shipped a total of 20,963 ounces of gold in 2022.

Did Minera IRL exceed its gold production guidance in 2022?

Yes, Minera IRL exceeded its revised gold shipment guidance of 20,000 ounces by 5%.

What was the average grade of mineralized material mined by Minera IRL in 2022?

The average grade of mineralized material mined was 0.21 grams per tonne.

How much gold did Minera IRL ship in the fourth quarter of 2022?

In Q4 2022, Minera IRL shipped 5,441 ounces of gold.

What challenges could impact Minera IRL's operations in Peru?

Challenges include political protests, regulatory risks, and supply chain disruptions.